That's in line with what I'm thinking. For me, it largely looks like the same program with slightly different terms (like Apple Care not being rolled into the price.) But, looking at the lease checkout page, if I pick the same model that I currently have, the 12-month terms are $58.33/mo. with Apple Care purchased separately. If I were to go the monthly route for AC+, it's a few dollars more expensive per month than my payment under the IUP.
If I pay for a year of AC+ up-front, the cost per month goes down and then it's very close to what I currently pay: $69.50/mo. under IUP and the equivalent of $69.99/mo. under the AUP.
Not everyone may be able to put up the $139.99 at time of leasing, so the new program isn't going to be as close for everyone.